Stocks Opened Mixed after Economic Data

U.S. stocks opened mixed on Friday after data showed cooling consumer spending in August and slowing pace of inflation growth, pointing to moderation in economic activity in the third quarter. The Dow Jones Industrial Average lately fell 32.86 points, or 0.15%, to 22,348.34. The S&P 500 added 0.49 points, or 0.02%, to 2,510.55. The Nasdaq Composite gained 13.14 points, or 0.20%, to 6,466.59.

U.S. consumer spending barely rose in August likely as Hurricane Harvey weighed on auto sales and annual inflation increased at its slowest pace since late 2015, pointing to a moderation in economic growth in the third quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent last month.

Oil prices slipped Friday as investors considered the potential fallout from the independence referendum in the oil-rich Kurdish region of Iraq. Brent crude fell 14 cents, or 0.2%, to $57.26 a barrel. West Texas Intermediate futures shed 16 cents, or 0.3%, to $51.39 a barrel.